Hot off the heels of announcing the Saudi Egyptian Investment Co (SEIC), the PIF owned fund has made its first moves and purchased minority stakes in four Egyptian companies for a cool $1.3 billion. The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling, and payments firm E-Finance for Financial and Digital Investments.

The move also falls in line with the Sovereign Fund of Egypt’s (TSFE) strategy to attract direct foreign and Arab investments across various sectors in the Egyptian market. Established in 2018, TSFE aims to attract private investments to Egypt and co-invest with foreign partners to increase the role of the private sector in the economy and create jobs.